LatinNews Daily - 09 March 2022

In brief: Mexico to subsidise fuel prices with oil exports

*Mexico’s President Andrés Manuel López Obrador has said that the conflict in Ukraine will not increase fuel and energy prices for Mexicans. “I can tell Mexicans that we have solved the problem of supplying energy at fair prices, even with the war in Ukraine, even with the calls not to buy oil from Russia,” he said in a press conference. “We have no problem, and we are preparing ourselves.” As international oil prices rise due to the conflict, López Obrador says he plans to use extra government revenue from oil exports to subsidise the price of gasoline and diesel for Mexican consumers. The president said Mexican oil was currently being sold for US$115 a barrel – its highest price since during the administration of former president Felipe Calderón (2006-2012) - and was due to increase further. The plan appears to contradict López Obrador’s promise to reduce crude oil exports this year and eliminate them completely by 2023.  

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